State begins first bond sale as worst rated state in the nation

By WEEK Producer

State begins first bond sale as worst rated state in the nation

April 2, 2013 Updated Apr 2, 2013 at 9:49 PM CDT

ILLINOIS -- The state of Illinois has sold $800 million of bonds to fund school construction projects, transportation and other capital projects.

To retire that debt, Illinois will pay as much as 3.3% and that is considerably higher than other states.

Illinois is currently ranked last in the country when it comes to its credit rating.

California, which had been ranked last, has adopted drastic budget cuts and hiked taxes and earned an upgrade in its credit rating.